Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, corresponding to a 15x 2025 target core P/E and a 5.5% target dividend yield, indicating an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with Chanel's new three-story flagship store likely to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail sales of Hang Lung Properties' mainland shopping centers showed a trend of improvement, with Shanghai Hang Lung Plaza's sales improving quarter by quarter [4] - The company anticipates that the operational performance in the second half of the year will continue to improve, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is expected to contribute approximately 16% to the company's total rental income in the first half of 2025, providing support for the company's overall performance and dividend payout [4]

Group 1 - The "2025 Shunyi Livable Life Festival" took place from September 19 to 21, showcasing Shunyi as an international livable city through three main sections: livable life exhibition area, Chinchin music party, and craft food market [1] - The Chinchin music party attracted many music lovers with high-quality performances, while the craft food market offered a variety of gourmet experiences, highlighting the fusion of local and international flavors [1] - The livable life exhibition area, empowered by government departments, provided a one-stop authoritative consultation service for housing, loans, and policy interpretation, making it easier for residents to settle in Shunyi [1] Group 2 - The festival is an innovative practice responding to the Ministry of Commerce's "Buy in China" consumption promotion theme, aiming to integrate diverse consumption sectors such as real estate, culture, and food for a new one-stop shopping experience [2] - The event is part of urban renewal efforts, with the venue, Guomen No. 1, being a landmark project for revitalizing existing spaces in Shunyi, and future plans to develop it into a "city organic living center" [2] - The festival stimulated consumer enthusiasm, with significant increases in foot traffic and inquiries in home furnishings and appliances, supported by the "Anju Huishang" consumption vouchers, which will continue until the National Day holiday [2] Group 3 - The event serves as a concentrated roadshow for the Shunyi livable brand, providing a window to experience livable life in Shunyi, with plans for continuous innovation in consumption scenarios and supply optimization [3]

中新网上海9月22日电 (记者 陈静)22日，2025"南京西路可持续生活周"在上海开幕。南京西路功能区与 消费品论坛(CGF)将共同探索打造绿色消费场景试点。这一试点项目旨在为静安区可持续消费发展注入 新动能，推动绿色消费从理念走向实践。 在南京西路街区，"美丽街区"建设持续推进，花园城区图景随处可见。政府部门积极探索以可持续消费 助推高质量发展，在推动消费模式绿色转型、创新多元化消费场景等的同时，让更多国内外品牌进一步 了解静安区可持续消费发展趋势，为区域经济发展持续注入新活力。 当天，上海交通大学安泰经济与管理学院营销系副教授张铄分享了由南京西路功能区与上海交通大学 ESG研究院合作编制的"可持续消费指南"。该指南基于"绿色选品指南"，结合了静安区与南京西路商圈 品牌的可持续案例分析，为消费者和企业提供实用的可持续消费参考。 据悉，未来，南京西路功能区将培育"国际人才引力场"，进一步改善营商环境，吸引更多全球企业、前 沿人才汇聚；打造"全球街区创新实验室"，探索街区发展的创新模式。(完) 2025"南京西路可持续生活周"在上海开幕。(静安区新闻办供图) 记者当日获悉，位于上海市中心闹市区的南京西路功能区 ...

Core Insights - Wuxi's commercial market has been relatively quiet this year, with only two major projects launched so far, but several more are set to open by 2025, indicating a shift towards quality and non-standard transformation in commercial development [1][2] Project Overview - Six commercial projects are planned to open in Wuxi by the end of 2025, with a total commercial area of approximately 383,000 square meters, focusing on community and regional consumption centers [1] - The projects include a mix of small (under 50,000 square meters) and medium-sized (50,000 to 100,000 square meters) developments, emphasizing a "precise positioning and small but refined" commercial development logic [1] Specific Projects - **Wuxi Liangxi Aegean Shopping Center** - Location: Intersection of Fengbin Road and Minfeng Road - Commercial Area: 80,000 square meters - Opening Date: October 1, 2025 - Focus: Revitalizing the area with modern design and diverse business formats [2][3] - **Wuxi Liangxi Crystal Sea Plaza** - Location: Boundary of Liangxi District and Huishan District - Commercial Area: 41,000 square meters - Opening Date: December 2025 - Focus: Community-oriented space with features like shared kitchens and pet-friendly areas [10] - **Wuxi Bay悦 Center** - Location: Central axis of Jiangyin City - Commercial Area: 100,000 square meters - Opening Date: December 25, 2025 - Focus: High-quality business gathering space with a mix of luxury retail, entertainment, and dining [6] - **Wuxi Little Station Park** - Location: Core of Wuxi Economic Development Zone - Commercial Area: 50,000 square meters - Opening Date: Within 2025 - Focus: Park-style lifestyle center with a blend of art and community events [8] - **Wuxi Taihu New Light** - Commercial Area: 96,000 square meters - Opening Date: October 1, 2025 - Focus: Enhancing regional consumption with flagship stores and unique cultural spaces [2] - **Wuxi Xiaozhan Park** - Commercial Area: 50,000 square meters - Opening Date: Within 2025 - Focus: A unique blend of lifestyle and community engagement through various events [8]

Summary of the Conference Call on Hong Kong Dividend Assets Industry Overview - The focus is on Hong Kong dividend assets, which are primarily mature companies with stable financial structures relying on internal financing rather than debt [1][3]. Key Points and Arguments 1. **Characteristics of Hong Kong Dividend Assets**: - High dividend levels: The overall dividend yield of Hong Kong dividend assets is significantly higher than the market average, with companies exhibiting stable cash flows and high operating cash flow as a percentage of revenue [3]. - Robust financial structure: These companies are in a mature stage, with low net debt to EBITDA ratios and low capital expenditure to depreciation ratios, indicating a low willingness for expansion [3]. - Composition differences: Unlike A-shares, which are dominated by financial sectors, Hong Kong dividend assets include unique assets such as the three major telecom operators and commercial real estate [1][3]. - Valuation advantage: Hong Kong's overall cash dividend ratio is higher than that of A-shares, with lower PE and PB ratios in sectors like banking, petrochemicals, and coal [1][3]. - Higher proportion of high-yield stocks: Approximately 40% of stocks in Hong Kong have a dividend yield of 5% or more, compared to only 16% in A-shares [1][3]. 2. **Investment Logic Differences**: - Both markets exhibit defensive characteristics in weak environments and tend to follow trends in bull markets, but they have different performance in low or rising phases [4]. - Taxation differences: A-shares allow for tax exemptions on dividends after one year of holding, while Hong Kong imposes a 20% tax on individual investors and public funds [5]. - Sensitivity to U.S. Treasury rates: Hong Kong dividend assets are more sensitive to U.S. Treasury rates, potentially serving as substitutes during periods of declining rates, with greater upside elasticity compared to A-shares [5][6]. 3. **Market Environment and Future Outlook**: - In the current market, Hong Kong dividend assets are expected to outperform due to their higher cost-performance ratio compared to A-shares, even after accounting for the 20% dividend tax [2][7]. - As the year-end approaches and overseas liquidity shifts, there is an anticipated increase in demand for dividend assets, particularly as the Federal Reserve may enter a rate-cutting cycle [7]. - Long-term, the regulatory environment is enhancing dividend policies, leading to increased dividend enthusiasm in both markets, with Hong Kong dividend assets expected to maintain their relative performance advantage in a low-interest-rate environment [7][9]. Other Important Insights - The probability of the Hang Seng High Dividend Index achieving positive excess returns exceeds 82% during significant downturns in the Hong Kong market, highlighting its defensive attributes [1][5]. - The overall financial attributes of both markets are similar, but Hong Kong's asset composition is more diversified, providing a better cost-performance ratio [8][9].

Group 1 - The outdoor brand Arc'teryx collaborated with artist Cai Guoqiang to launch an art fireworks project in the Himalayas, which sparked significant controversy due to environmental concerns [3] - The project used biodegradable materials for fireworks, but critics questioned the actual effectiveness of these materials and the potential environmental impact [3] - Following the backlash, Arc'teryx and Cai Guoqiang's studio issued an apology and removed related content from social media platforms [3][4] Group 2 - Yonghui Supermarket appointed Wang Shoucheng as CEO, who has been with the company since 2017 and has held various positions [5] - The company reported a revenue decline of 20.73% year-on-year for the first half of 2025, with a net loss of 241 million yuan compared to a profit of 275 million yuan in the same period last year [5][6] Group 3 - Jewei Food, known as the "Duck Neck King," received an administrative penalty notice for false financial reporting, leading to a potential ST (special treatment) status for its stock [8] - The company reported a revenue decline of 15.57% year-on-year for the first half of 2025, with a net profit decrease of 40.71% [10] - Jewei Food has seen a reduction of approximately 4,000 stores over the past year, impacting its overall performance [10] Group 4 - M Stand opened a new concept store in Shanghai, introducing innovative food products and a "day coffee, night bar" operational model [12] - Gap officially entered the beauty and personal care market, launching beauty sections in 150 Old Navy stores, with a focus on affordable products [14][15] - The beauty and personal care market in the U.S. is projected to exceed $100 billion by 2025, indicating significant growth potential [15] Group 5 - Lucky Coffee has expanded its presence in Beijing, reaching 70 stores, and has signed over 1,200 new stores nationwide in July [18] - Bawang Tea Ji opened its second store in North America, located in a major shopping center in Los Angeles, and plans to open its 200th store in Malaysia [19] - Salia plans to expand its breakfast menu across Japan by 2027, responding to consumer feedback [20] Group 6 - Deji Plaza is accelerating its expansion with the establishment of two new companies focused on commercial complex management and outlet development [21]

Core Insights - The event "2025 China Real Estate Brand Value Research Results Release Conference and the 22nd China Real Estate Brand Development Forum" was held in Beijing, where China Merchants Shekou was awarded the 4th place in the "2025 China Commercial Real Estate Company Brand Value TOP10" due to its strong comprehensive strength, outstanding operational capabilities, and excellent brand influence [1] Group 1: Brand Value Research - The China Real Estate TOP10 Research Group has conducted brand value research since 2004, focusing on the successful factors of outstanding real estate brands and exploring sustainable development paths for these brands [4] - The research results have garnered widespread attention and have played a significant role in enhancing brand image, accumulating brand assets, and strengthening industry positions for brand enterprises [4] Group 2: Business Strategy and Expansion - China Merchants Shekou focuses on the "X+ Commercial" concept to innovate commercial scenarios, targeting different functional characteristics and commercial needs of urban and living circles [6] - The company has over 80 commercial projects under management nationwide, with a total managed commercial area exceeding 5 million square meters and an annual business growth rate exceeding 30% [6] - Key city projects maintain a rental rate of over 97%, with customer satisfaction reaching 97.2% [6] Group 3: Product Lines and New Projects - In 2025, China Merchants Shekou will refresh its three major product lines: "China Merchants Garden City" focusing on "family-friendly spaces," "Sea World" as an "urban amusement park," and "China Merchants Garden" creating "non-standard characteristic streets" [8] - The company has opened several representative projects across various cities, including Shenzhen, Suzhou, Chongqing, and Nanjing, with new projects planned for cities like Hangzhou and Ningbo [8][10] Group 4: Office Space Development - The office business of China Merchants Shekou is enhancing resource synergy and actively creating specialized industry platforms [12] - By the end of 2024, the office business will cover over 10 cities, including major first-tier cities, with more than 40 operational, management, and service projects, managing over 2 million square meters [14] Group 5: Future Outlook - China Merchants Shekou aims to uphold "long-termism" to reshape the commercial ecosystem, practicing "sustainable genes" for benevolent business, and collaborating with partners to co-create commercial value [16]

Core Viewpoint - Shanghai Jiubai (600838.SH) is actively enhancing its commercial property portfolio and management efficiency to adapt to the recovering consumer market and maintain stable revenue streams [1] Group 1: Property Assets and Investment Strategy - The company owns approximately 20,000 square meters of property and has a long-term stake in "Shanghai Jiubai City Square Co., Ltd." with a property area of about 90,000 square meters [1] - Key properties are located in prime areas such as Jing'an District, Pudong New District, and Baoshan District, focusing on creating a high-quality commercial ecosystem [1] Group 2: Market Conditions and Business Operations - The retail sales of consumer goods have shown steady growth, supported by the implementation of consumption-boosting policies, which is expected to strengthen the recovery trend in the consumer market [1] - The company aims to enhance operational management and efficiency while maintaining its core businesses in retail, commercial real estate, and laundry services, alongside exploring innovative breakthroughs [1]

Group 1 - The company participated in a performance briefing event, discussing the current rental rates and occupancy levels of high-end office and commercial properties in Shanghai, with occupancy rates of 77% for Grade A office buildings, 84% for high-quality R&D buildings, and 92% for major commercial properties as of June 30, 2025 [1] - The average rental rates for these properties are reported as 7.39 yuan/square meter/day for Grade A offices, 5.58 yuan/square meter/day for high-quality R&D buildings, and 7.88 yuan/square meter/day for major commercial properties [1] - The company is advancing the construction of new projects in the Qiantan area, with residential sales showing high absorption rates of 99% for "Century Qiantan Tianyu" and 92% for "Century Qiantan Tianhui" as of June 30, 2025 [1] Group 2 - The company employs a prudent financial management strategy, optimizing fund management to enhance the effective utilization and yield of funds, resulting in an overall average financing cost of 2.64% for the first half of 2025, a decrease from the previous year [2] - The company benefits from the resource advantages of its controlling shareholder, Lujiazui Group, to enhance client retention and attract new clients through comprehensive and high-quality services [3] - The company is focusing on customized renovation policies to meet the needs of businesses, improving client conversion efficiency and maintaining customer satisfaction through enhanced daily services and interactions [3]

Core Insights - The new commercial project "Wei Gong · Fang Hua Li" officially opened in Haidian District, Beijing, featuring a Republic of China style design and a commercial area of 40,000 square meters aimed at providing a multi-dimensional lifestyle experience for consumers [3][7] Group 1: Project Overview - The project is the first commercial initiative by Jinli Group, located near the Weigong Village subway station on Line 4, enhancing accessibility through a 24-hour convenience corridor that connects foot traffic with urban transport [3] - The surrounding area includes high-tech enterprises, universities, and quality residential communities, highlighting its significant locational advantages [3] Group 2: Brand and Offerings - "Wei Gong · Fang Hua Li" features multiple first stores and key brands across various sectors including culture, entertainment, sports, and dining [7] - Notable attractions include the National Library Cultural Creation Pavilion, which serves as a first store in Beijing, and the Star Classic Cinema, which offers unique screening experiences and event hosting capabilities [7] - The project aims to enrich the commercial ecosystem of the Haidian · Zhongguancun area, positioning itself as a new urban hub that integrates art, food, lifestyle, and social functions [7]